The compilation of frequently asked questions on GST brought out by the apex training institute under the Central Board of Excise & Customs (CBEC) the National Academy of Customs, Excise & Narcotics (NACEN), has been extremely well received. These GST FAQs were released on 21st September, 2016by the Hon’ble Finance Minister and were based on the Model GST Law as on June, 2016. The GST FAQs were translated in many regional languages to ensure dissemination across the country.

A number of significant developments have taken place since the first edition was released. As of now the draft laws ofCGST, SGST, IGST, UTGST and Compensation cess along with a host of rules have been approved by GST Council. The Central bills have been introduced in the Parliament; legislation relating to States will be passed by the respective state assemblies. As promised at the time of bringing the first edition, a second edition of the FAQs has been prepared by NACEN based on the aforesaid bills introduced in the Parliament. I congratulate DG, NACEN and his team for the efforts made and am sure that these will go a long way in disseminating knowledge and awareness on GST amongstthe Tax officials, Trade and Public.

One response to “FAQs on Goods and Services Tax updated as on 31st March, 2017”

Sir
I own a Medical Store.. I will come under composition scheme of GST.. My monthly turn over is around 3 lacs.(ie around 36 lacs/year). My gross margin is around 7 lacs. And net profit comes to 4 lacs. (last year’s figures.)
As per composition scheme I will have to pay 1% as GST to government…
My question is that will I pay on total turn over..or gross margin or on net profit…